27 November 2024

Key Industry Updates and Compliance Trends for 2024

Paul Delahunty, Director of the SMSF Approved Auditors Area at the ATO and Acting ATO Assistant Commissioner, recently shared critical updates in an Auditors Institute webinar. Superannuation Audit Services Partner Daniel Surjenko attended the session, gaining valuable insights into the latest SMSF data and compliance priorities. Below, we explore the key takeaways and emerging trends shaping the sector.

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Key Takeaways
 

Key SMSF Industry Statistics – September 2024

The latest figures reveal a robust and growing SMSF sector:

• 622,000 SMSFs are currently operating across Australia.

• The industry supports 1.15 million members and holds a total of $1.02 trillion in assets.

• 32,000+ new SMSFs have been established in 2024 alone, indicating continued strong interest in self-managed super.

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Member Demographics and Financial Insights

Understanding the composition of SMSFs provides critical insight into their operation:

• Member demographics show a relatively even split: 53% male and 47% female.

• The median assets per SMSF stand at $877,000, reflecting significant financial stakes for trustees.

• On average, each SMSF holds $1.55 million in assets, highlighting the substantial wealth managed within these funds.

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Compliance Focus: What SMSF Auditors Need to Know

Compliance remains a key focus for the ATO, with over 4,100 approved SMSF auditors currently active. The ATO continues to monitor SMSFs closely to ensure adherence to regulatory standards.

A noteworthy statistic is that 13% of SMSFs have less than $200,000 in assets, possibly raising questions about the cost-effectiveness of managing such funds. Trustees of smaller SMSFs should consider whether their fund remains viable or if alternative superannuation options may be more suitable.

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Why Staying Compliant Matters

Paul Delahunty emphasised the importance of compliance in maintaining the integrity of the SMSF sector. Auditors play a critical role in ensuring trustees adhere to the rules and regulations set out by the ATO. Ongoing education and updates, like this webinar, help auditors stay ahead of compliance challenges.

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Looking Ahead: Supporting SMSF Growth and Integrity

With continued growth in the SMSF sector, it’s essential for auditors and trustees alike to stay informed and proactive about compliance requirements. Superannuation Audit Services is committed to supporting SMSFs with expert auditing services and helping trustees navigate their compliance obligations with confidence.
 

If you have any questions about your SMSF audit needs or compliance requirements, contact our team today for professional support and guidance.
 

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This article is part of our commitment to keeping SMSF trustees and auditors informed about industry updates and compliance insights.

About Superannuation Audit Services

Superannuation Audit Services is a leading SMSF auditing company based in Melbourne, with a broad reach servicing clients Australia wide. Our experienced team is dedicated to delivering reliable and thorough audit services to ensure compliance with regulatory requirements, offering peace of mind to our clients.